The Central Bank intends to establish a Trade Bank of Iraq under the tutelage
On: Sun 25/12/2011 7:35

□ Baghdad / economic-term follow-up
In a remarkable development the central bank of its intention to subject the Iraqi Trade Bank of Iraq (TPI) to the guardianship of him in the event did not improve his financial situation in a few months, stressing the need to restore all the bank loans and build a new lending policy.

The deputy governor of the Central Bank of the appearance of Mohammed Saleh (the Agency news): The bank was founded in mysterious circumstances by decision of the civil administrator Paul Bremer and the company of the Council of Ministers until a short time in 2006, now under the supervision of the Central Bank and because of his own exposure to many of the problems, and because of what suffered from large loans without pay, which amounted to one billion dollars.

Saleh added: now the bank is facing major problems, but now may well placed and is now in the way and steps to correct, Saleh pointed out: If you have suffered bank liquidity problems are temporary and Vsakarzh Central Bank for its part to meet this liquidity with the consent of the Minister of Finance by 20% of the capital, but if failed completely because of his or decline of capital under the Banking Act, the central bank will put his hand on the bank and put under the guardianship and managed on behalf up to improve and put either into liquidation or improve it, and called on the Trade Bank of Iraq to restore all its loans and build political lending will offer sufficient guarantees for the future as well as surrounding the capital and surrounding the credit risk.

And stresses the Iraqi Trade Bank's management that it has regained more than 50% of the obstructed loans granted by the previous administration, which amounted to billion dollars, the bank confirmed that the management is ready to schedule the remaining debt owed to the investing companies.

For the director of Trade Bank of Iraq Hamdiya dry that the volume of loans obstructed in the bank amounted to about one billion dollars, indicating that the bank and within 5 months he was able to recover 50% of the equivalent of $ 550 million, adding that the proceedings and the prosecution of civilians are still ongoing expressing its willingness to intervene in the process of schedule of the debts.

She explained the dry (of the Agency news) that the amplification media that accompanied the process of disclosure of the files of corruption within the Bank has had a negative impact on the reputation among international banks confirming that the bank seeks to restore its role among the international banks, indicating that when the change occurred at the bank of the Iraqi became his days The first reaction is positive due to media exaggeration of the media to counter the work of the (TPI), pointing out that the bank's work on the assurances and connections of the branches of international banks and it is inevitable that the bank is facing political pressure.

The Prime Minister Nuri al-Maliki announced the second of September last, that the Council of Ministers as directly responsible for the Trade Bank of Iraq, decided to form an investigative committee shared the Integrity Commission and the Office of Financial Supervision and the Ministry of Finance and experts, as reported on the existence of irregularities in the Bank of Iraq Commercial , and transmit the report to the judicial authorities responsible for its consideration.

The director of the Trade Bank of Iraq Hussein Uzri which is linked to the statesman Ahmed Chalabi arrived in Beirut on the fourth of last June on the run from Iraq's accusation the bank's board of corruption by Prime Minister Nuri al-Maliki, and in response close to the bank that the matter falls within the filter political, bore the Integrity Commission, the parliamentary government escape the responsibility of Director of the Trade Bank of Iraq outside the country, and confirmed that it has stressed on several occasions not to allow any official travel only after approval.